PARK CITY, UT - Homestead Development Partners was recently formed as a venture between Michael Augustine, Jared Miller, Evan Schwartz and Columbus Pacific Properties. The company’s focus is to develop high-caliber student housing communities nationwide and acquire assets through a value-add strategy. Target communities will be focused in tier two and tier three markets with a smaller emphasis on tier one.
“The Homestead Development Partners venture with Columbus Pacific Properties creates a platform that will provide a streamlined process for developing best-in-class student housing communities, and acquiring existing assets to meet our value-add strategy. Having CPP as our “in-house” capital provider allows us to be even more focused on executing every aspect of each project’s life cycle. Brian and Rick are really great people, and that was a huge decision for all of us moving ahead with HDP,” Michael Augustine, President.
HELIX Starkville, Homestead’s first new development, is currently under construction at Mississippi State in Starkville, Mississippi. HELIX Starkville will be 258 units comprising 802 student housing beds in 1, 2 and 4 bedroom floor plans directly across the street from campus. The community will offer the best amenities in the market in addition to the best location to campus. Leasing will begin Fall 2015.
Two additional Homestead developments are in the planning stages. The first is located at another SEC university, while the second will be located in the northeast. Homestead Development Partners is also pursuing several value-add acquisitions nationwide.
“The origination of Homestead Development Partners represents the culmination of a strategic partnership between Homestead Development, Homestead-U and Columbus Pacific Properties – which creates a unique powerhouse in the student housing segment. Through this alliance, we will deploy the most effective platform in the business for developing, acquiring and operating student housing,” said Jared Miller, Managing Director of Asset Management and Operations.
Developments and value-add acquisitions will be acquired by Homestead Development Partners and managed by Homestead-U, an affiliated management company based in Columbus, Ohio.
“Under this new venture, we will be able to focus on our core competencies of finding well-located sites, building best-in-class student housing properties and renovating existing student housing assets to exceed the expectations of the residents, while also providing attractive returns for our capital investors,” Evan Schwartz, Managing Director of Investments.
About Homestead Development Partners: Homestead Development Partners is a multifamily owner and developer based in Park City, Utah with an east coast office in Delray Beach, Florida. Homestead Development is a partnership with Columbus Pacific Properties. For more information, visit homesteaddevelopmentpartners.com